tv Markets Now FOX Business August 28, 2012 11:00am-1:00pm EDT
national hurricane center and on the progress on that tropical storm isaac as it heads toward new orleans. we are looking for severe rainfall. it could -- again, will it get upgraded to a category 1 storm? let's check in with national hurricane center in miami right now. >> good morning, everybody. i'm director of national hurricane center coming to you live from miami with the 11:00 a.m. eastern time, 10:00 a.m. central time update on tropical storm isaac. still just below hurricane strength. we have two aircraft investigating the storm all morning, and the winds still have not quite come up enough for us to make it a hurricane, but it's still got a very low pressure of 976 millibars. on the radar you can start to see the center of the system right here, most of the rain bands that are the heaviest are still offshore, but are starting to creep on to the extreme
southeastern parts of louisiana. scattered bands -- bands on the coastal areas of alabama mississippi southeastern louisiana. the center of circulation now about 80 miles south-southeast of the mouth of the mississippi river moving northwest at about 10 miles-an-hour. the slow motion and the large size of this system are the areas of concern because even if it's not a hurricane, it is still capable of producing significant storm surge and inland flooding, but we are still forecasting strengthening to a hurricane before the center of circulation makes its way on shore in the northern gulf coast by tonight. the hurricane warnings have been slightly modified as of this advisory. don't have the graphic ready for you, for those of you who are watching on the video version of this, but the hurricane warning has been replaced with a tropical storm warning from the mississippi alabama eastward and a tropical storm warning has been discontinued east of destin. but i want to caution folks in these areas where the warnings have been changed relative to the wind, that there is still
storm surge hazard to be concerned with, and on the alabama coastline, for example, still 4 to 8 feet of storm surge flooding above ground level possible in some areas result of isaac. still talking about 6 to 12 feet storm surge flooding above ground level possible in many areas of the coastal mississippi and southeastern louisiana. talking about the other water related hazard, rainfall, still up to 20 inches, locally, possible in many areas of the general -- of the general region in which isaac is moving. not everybody will get that much. others could easily 7 to 14 inches. it's not going to be just a coastal event. it will slowly move inland the next couple of days and bring heavy rainfall totals near the coast and farther inland. down the road it could lead to some river flooding for folks. so keep in mind, that in many past landfalling tropical storms and hurricanes, people have lost
their lives in inland flooding especially if they get on the roads, in the car, so be very careful over the next several days in areas that could flood due to the heavy rainfall. again, that storm surge flooding hazard is the one that emergency managers have told people to evacuate from. so continue to heed those warnings -- those instructions from your emergency management officials. even if this does not become a hurricane, although we're still forecasting that, not much difference between a high end tropical storm and a category 1 hurricane, just over that threshold, but we'll continue to monitor the wind coming from the air force and noaa aircraft as the day goes on. another update in one hour, live from the national hurricane center in miami. dagen: that was the latest from the national hurricane center, again, not a category 1 storm, but still coastal regions even with this still being a tropical storm in for heavy rainfall, potential aggressive flooding. we could reach 20 inches of rainfall in louisiana and
mississippi. with a closer look is accuweather. we cannot understate how devastating this storm could be even if it stays a tropical storm. >> that's very true. it could still be devastating even though it is still just a tropical storm. you know, the rain with this system just going to be incredible the next couple of days. right now the system, like i said, still a tropical storm with max sustained winds of 70 miles-per-hour, moving north and west at about 10 miles-per-hour. and i do suspect that system going to be slowing a little bit more as it does edge closer to the coast. still expecting it to become a category 1 at some point here today. and i don't think it's too far off here as we get into the afternoon hours. gusty winds also going to be a concern here across the central gulf coast and i think the big player here is going to be this heavy rain going to continue to bring in -- some folks will see over a foot of rain here the next couple of days. all that heavy rain is going to
put the levees to the test in new orleans. back to you. dagen: thank you very much adrian. we will be talking to an official from new orleans coming up. but again 70 miles-per-hour maximum sustained winds for tropical storm isaac. 74 miles-per-hour winds is what you need for a category 1 storm. and as isaac rolls through the gulf of mexico, targeting landfall sometime later today, jeff flock is on the scene in gulf port, mississippi. jeff we saw you all morning. how have the conditions changed just in the last couple of hours? jeff: well, dagen, i will tell you, if you look at it right now, you would think that the hurricane was over, it was time to go home, and this is the way it works. you occasionally get the bands that come through that we saw earlier this morning when it was raining. take a look right now, even though the surf has intensified somewhat, we have the sun poking through, it is warm out here and this kind of goes with the history of this storm. we keep thinking it is going to intensify.
we keep saying we're rite on the -- we're right on the edge. and we keep staying right on the edge. it hasn't intensified again even despite the fact that maybe it looks more so on the map, on the satellite picture. take a look at the rainfall, though, even though right now it looks like it is a nice day out here to some degree other than the wind and a little bit of surf, take a look at what the rainfall is going to do. it is going to dump a lot of rainfall. where we are right here is just to the left on your map of the area of worst rainfall. we are in the gulf port area. we're on a beach at gulf port right now, biloxi is going to get the worst of it. then you can see the other totals out there. but right now dagen you could come out and work on your tan out on this beach for right now. but it won't be that way for long. dagen: i fake and bake, though,
jeff, i'm all about the tanning bed. our next guest, as isaac barrels towards shore, the gulf coast bracing for economic damage as well, joining us now is mark vitner senior economist at wells fargo. mark, how worried are you about this hurricane hitting this part of the country particularly at this time in our economy? >> well, it's a very problematic part of the country. you don't want a hurricane to hit anywhere. and even p it's, you know -- and even if it's, you know, quote just a tropical storm, if your roof is blown off by a tropical storm, you really don't care if it was a tropical storm or a hurricane. it's just as devastating. but in this part of the country, we have so much of our oil infrastructure, particularly a lot of oil refineries, we have a
lot of production of oil and natural gas that's off line, it is not that difficult to deal with if the storm just blows through, but there's a lot of stuff beneath the surface there. a lot of pipelines that can be disrupted. and inventories particularly of diesel fuel and jet fuel are extremely low already. so we could see both pressure -- upward pressure on prices and also some supply disruptions if the storm gets really bad. dagen: what was very telling is the president declared a state of emergency for louisiana, but the governor took it a step further and didn't want just direct federal aid, but requested full reimbursement for all emergency protection measures that the state then pays for. what kind of condition are just these gulf coast states in financially and these towns, municipalities to deal with this kind of disaster? >> well, louisiana, you have all of these levees. you have so much of the economy
that's below sea level, and you've got all of these levees, many of which were repaired or rebuilt after katrina, we don't know exactly how well they are going to hold up under the strains of a severe storm. it is likely to dump a lot of rain on this area, and it really depends on how the storm comes up. i mean no two storms are alike. and i think that's probably the motivation for the -- for being even more prepared than you've been for hurricanes in the past. dagen: one last thing to change the subject, mark, but it does dovetail, you have the republican convention going on now, the democrats follow up next week, how prepared are investors because you have a statistical tie between these two, how prepared are investors if a front-runner begins to emerge at this point?
>> that will be interesting to watch. uncertainty before a presidential election is nothing new. typically what we see is that the markets kind of get a little quiet, although we've gotten a lot of other things impacting the markets, the fiscal cliff, the european financial crisis, all of which may be a little bit of a negative or maybe a potential big negative before the election, and then you usually get a relief rally, regardless of who wins, immediately after the presidential election because people are so glad to get it behind us. but we will probably see a market response if one candidate breaks out one way or the other, given how tight the conventions are to each other. dagen: mark good to talk to you, mark vitner with wells fargo. and mitt romney just arriving in tampa, florida for the republican convention, but will coverage of isaac steal the show? joining us from outside the rnc, rich edson. hey, rich. rich: hey, dagen, so that's right governor romney has just arrived here. he will watch his wife anne
romney deliver an address tonight followed by governor chris christie of new jersey who delivers the keynote address. before this all begins, 5:20 this afternoon, that's when they will have the role call vote. this was supposed to happen yesterday. couple thousand delegates will be on the floor, and that's when they go state by state, alphabetically, and it will culminate in the nomination of mitt romney. the official acceptance comes for governor romney when he accepts it in his speech on thursday night. republican officials do have their eyes on isaac right now, and as you'd mentioned, this hurricane coverage, the fact there could be a disaster on the gulf coast, we don't know how bad it is going to be, don't really want to be seen as celebrating here in tampa getting too overly political. this goes for republicans and democrats this week when you have a strong storm on your hands brewing in the gulf of mexico. dagen? dagen: i told you to bring it. rich: yeah, i got it right here. listen, i heard you had a little problem with my coat yesterday, my windbreaker, you said it was excessive here. dagen, let me ask you, how is the air conditioned studio? i heard it was a little too
chilly for you yesterday. i'm getting a little wind here. i hope you don't mind. dagen: what coat is that? rich: this is the official fox business gear here with the hood that i didn't even have up yesterday, dagen. there you go. dagen: i know you were dressed for a hurricane and jeff flock was dressed for golf. rich: hey, this is a windbreaker. i'm dressed to go out in the rain, go to the grocery store, jeans, sneakers on, come on. dagen: i would still mock you at the grocery store, rich. rich: i would probably deserve it. dagen: i only make fun because i love you. rich thank you very much. have a great convention. we will all be watching tonight. rich: thanks. dagen: more on the convention coming up with neil cavuto. he will talked to former governor jeb bush and we will have some of that for you. and meteorologist joe bistardi is fired up. he wants the know why it is
taking the hurricane center so long to raise the red flag and call it a hurricane. he says they are putting people at risk. and robert shiller on his report that home prices are rising. so much to get to this hour. and take a look at how oil is. production shutdown in the gulf of mexico. oil dropped half a buck a barrel.
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use promo code: be secure order now and get this document shredder, a $29 value free. [♪...] call or go online now. [♪...] >> hi i'm at the new york stock exchange. coming right down on me on a day when the markets are kind of doing nothing, but we have one stock breaking out today, these shares are up nearly 6%, a rare earth materials company and they
are beginning to produce heavy rare earth concentrate from freshly-minted ore at their facility in mountain pass, california. as for stocks overall, it almost sounds like a broken record at this point. we have seen such narrow and tight trading going on, and we're seeing that once again today. today to the down side across the board, at this hour. we're also getting ready for the european markets to close. so that's something to pay attention to, the euro is stronger today. back to you. dagen: thank you very much lauren. seven years after hurricane katrina devastated new orleans, the city now preparing for tropical storm isaac. joining us on the phone is the deputy mayor of new orleans, lieutenant colonel jerry snead. lieutenant colonel, thanks for joining us on the phone. how have preparations been escalated just in the last say 24 hours even? >> actually nothing has changed. we've been ready for the last several days. we're just kind of watching this thing, monitoring it, almost
wishing it would hurry up and get here, you know, we have been looking at this for a while. but everything's in place. the public safety, all our city agencies are working in coordination with our state and federal agencies to make sure we're -- we can protect and take care of our citizens. dagen: how many people have been evacuated out of new orleans? >> there was no mandatory evacuation. if our citizens wanted to leave on their own, they could do so, and i have not even gotten a count of how many we think have left the city. dagen: the u.s. since hurricane katrina obviously years ago, the u.s. army corps of engineers built a ring of defenses around the city. and everybody has the same question, is new orleans ready? is new orleans ready even if it's just -- we say just, not to diminish the power of a category 1 hurricane, even if it turns into hurricane form, are you ready for the severe heavy rainfall and flooding that could
come with this storm? >> i have the confidence in what the corps of engineers has done for our levee system. they have put a lot of work into it. we feel very very comfortable. it is going to be a heavy rain event. our pumps can pump about an inch an hour for the first hour, a half an inch an hour thereafter so there are going to be times in which the pumps just can't pump it out quick enough, but we think we're ready and prepared. our citizens are. our government's ready to take on whatever isaac can give us. dagen: one last thing, is there anything that you need that you don't have right now? >> actually, no, everything is working like it's supposed to. our state and federal agencies they have been in contact with us to give us thing ifs we need it afterwards -- things if we need it afterwards. the mayor runs a very very good ship here ensuring all departments work closely together. we're ready. our citizens are ready. dagen: good to hear, lieutenant
colonel jerry sneed, deputy mayor of new orleans. be well, take care. thanks for being on today. >> thank you very much. dagen: next hour in a first on fox business interview, mississippi governor phil bryant will be on. he's been grappling with that devastating drought, and mississippi river drying up and now this, is there a bright side in all of it? you will hear from him next hour. and this bit of good news, home prices are on the rise according to the latest case shiller report. yale professor and one of the co-authors of that report bob shiller will be on to talk all about it. and the latest on the tropical storm and why it took so long -- well why it is taking so long to call it a hurricane. we will update you from the fox business weather center and then we talk to joe bistardi who is fired up. take a look at the currencies and how they are holding up against the greenback. [ male announcer ] if you believe the mayan calendar,
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>> at 24 in minutes past the hour, i have your fox news update. we're continuing to track isaac, maximum sustained winds at 70 miles-per-hour. it could potentially be as a hurricane when it go into the afternoon. it is showing signs of organization. you can clearly see on the tropical satellite, very warm water and that is the reason why we are expecting the storms to continue to intensify. landfall is expected late tonight into early tomorrow morning as potentially a category 1 hurricane with maximum sustained winds of about 80 miles-per-hour, but it's not
the wind that we're concerned about. it is the amount of heavy rain, about 20 inches of it, and the storm surge of up to 12 feet above normal tide levels. now let's return to dagen:. dagen: thank you very much maria. you have been all over it for us today, yesterday. our meteorologist here at fox business. home prices -- this is some good news. listen up. home prices in 20 major u.s. cities rising more than expected in june from may. that's according to the latest s&p case shiller home price index. it is also showing a gain of 1/2% from june of 2011, the first year over year increase since september 2010. robert shiller is the co-author of this index and a professor of economics at yale university. he's with us from new haven, connecticut. so we saw a blip back in 2010, but do you believe from here on out that we will have a sustained increase in home prices? >> well, this is different from the 2010 blip because that run
was connected to the homebuyer tax credit. this time it's happening without with the special government intervention. so it looks more optimistic. i think it's too soon to call a bottom, but it might well be. i think some people will be kicking themselves maybe that they didn't buy now. but i just can't be sure. that's the problem. there's too many clouds on the horizon. dagen: name one cloud, one that i know you pay attention to. i was looking at the latest reading on consumer confidence. and it came in this morning well below expectations. i think it was at 60.6, bob. does that worry you? because that's the kind of thing that feeds on itself. >> that's right. it is not just the general public opinion, but the philadelphia federal reserve bank of philadelphia survey of professional forecasters has shown -- pronounced weakening in their outlook over the last three months. unemployment rate is up. you know, and people see a lot of things to worry about. so that is a drag that might prevent this home price recovery
from continuing. dagen: what's the biggest worry for you looking out just the next six months, something that other people might not be thinking about that they should? >> well, i think the fiscal cliff, i don't know how that will play out. but if there's a lot of argument and inability of congress to do something, it could hurt confidence. the same thing that happened when we threatened to default on the national debt. that was a big hit to confidence. dagen: and do you think interest rates will decidedly head higher from here, or are we japan, and we could wait to buy a home ten years from now? >> well, interest rates have been declining for 30 years now. and they are getting, you know, inflation index yields are -- some of them are negative. they can't keep going down. what's happening next? i don't know. but yeah, that's why there's two things happening that look good for housing. it's the sudden start of an increase in home prices and
remember home prices are not a random -- they have momentum. and the other thing is record low interest rates. the average mortgage rate now is 3.55%. so you know it is tempting to go into the housing market now. dagen: more than tempting. bob, thank you for being here. it was great to see you as always. robert shiller, take care of yourself. we will see you very soon. >> my pleasure. dagen: mitt romney arriving in tampa a short time ago for the republican national convention. our very own neil cavuto is there, and we will talk with him in just a moment. then, joe bistardi joins us with the latest on tropical storm isaac and why he thinks the national hurricane center has dropped the ball and put people in danger. here are some today's winners on the s&p 500:
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>> the economy playing a major part in this election and last night, our very own neil cavuto spoke with former florida governor jeb bush and asked if he was tired of hearing his brother, former president george w. bush getting the blame for all our economic troubles. >> bush, the president has had three years, almost four years, it's time to start taking responsibility for his programs, they haven't worked and i think the american people are kind of tired of blaming somebody else, it happens to be my brother which personally i can't deny the fact that i'm not objective about it, i love the guy. dagen: and neil cavuto, joining us now from tampa, hey, neil.
>> how are we doing, dagen? >> i'm good. one thing that jumped out at me, much has been talked about in relation to it, the debt be clocks that they have on the floor there, because that's a very obvious way of the republicans trying to drive home what they want the american people to think are our gravest economic problems, on top of unemployment right now. do you think they work? >> well, you know, it is unusual. you think about it, if you were say, even a couple of years ago that you would showcase a debt clock, not only national where we stand, but just the start of the convention where we stand, a lot of people would have been scratching their heads, whatever. but it's a galvanizing issue for the delegates gathering here and for republicans in general. they think with this addressing federal spending and reining it under control, it's an issue that will work to their advantage. governor jeb bush competing with bands practicing and the like, that's one thing you get used to, it can get loud all of a
sudden and almost obliterate whoever you're talking about. but having said that, one thing that the governor is looking at, and the marquee speakers, we're going broke fast, we don't have the money, not only can we not build on that, we can't have a country with that. this will something part and parcel of almost every speech. there's an even ann romney in her approach to sort of humanize her husband tonight in her remarks will remind people that he's a lovable, likeable, even comical guy, but fall back on the fact that, yeah, he's a nerd. he's a business nerd, he knows what he's doing and if you want to win a popularity contest he might not be your guy, but he is the guy for addressing that debt clock and all of the other big issues, so that's the sell. that's the point. and that will be really the focus of the kickoff of this convention now. dagen: if you want somebody to hammer home a message i think you would be hard put to find somebody better than governor
chris christie from your fine state, right? >> you know, it's interesting, because chris christie's speech comes at a time where the numbers have not been going his way. new jersey's unemployment rate is northeast region high 9.8% and so he will save the sort of new jersey miracle type of talk for maybe another venue. what he will say is i've changed direction here, a blue state went red and we took some bold moves and the response and the turn around isn't instant tan yus, but trust me, new jersey gets it and union households in new jersey gets me and probably give the crowd the red meat they want to hear and see and then he's going to do it in a way that's inevitably his own. when he came in this room yesterday, and again this morning, he does have rock star-like status. and no matter how you feel about the guy, that uberpersonality is something that this convention will certainly need to showcase.
one criticism of mitt romney you've heard it again and again, is he a corporate suit and that might not be necessarily an issue for fixing the economy and turning it around. it could be an issue to getting americans on his side. a lot of poll takers, say in any other event with the economy we're looking at, this ticket should be comfortably in the lead. it's the likability issue that has given barack obama the advantage he has. and the jury is still out as to whether this convention addresses that, but for now, the goal tonight is to show mitt romney's business credentials and this party's gravitas credit tensions and both of those things, that ann romney sells her husband on the likability thing and they hope and pray they will he' be off to the races. we'll see. dagen: you'll be watching tonight, mr. cavuto, so don't dial it in. i love you, neil. and this morning, and i mean that, i will be watching tonight
'cause his coverage, special coverage starts at 8 p.m. eastern time and look at that lineup. rand paul, the senator ken langone, founder of home depot and so many more top guests coming up. neil, thank you very much, because again, working like a demon, working like a demon and hurricane, still not one, tropical storm isaac, but joe bastardi join us with the latest on why he is angry that the the storm hasn't been upgraded and in the face of the storm, and will all of this rain help the drought-ridden midwest. and take a look at the treasury market look if you're a republican. j aren't more people worried with the 16 trillion dollar debt lending money to the government. and why aren't people more concerned about it. 16 trillion dollar question. well another great thing about all this walking i've been doing is
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>> and i'm lori rothman with your fox business brief. consumer confidence unexpectedly fell this month. hitting its lowest level since last year. despite several spikes, that remains below the level needed for a healthy economy, something it hasn't touched since the recession in december, 2007. the devastating drought. more good news for you. the plagued u.s. farm lands will likely cost more than 13 billion dollars in crop insurance loss according to the disaster model air worldwide and the total loss could climb to as much as 20 billion. it was the second strong quarter for bankers, further signs the economy is getting stronger, federal deposit insurance, earned 34.5 billion from april to june and a jump from the previous quarter. that's the latest on the fox business network, giving you the power to prosper.
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>> the city of new orleans preparing for isaac, preparing to make landfall potentially as a category 1 hurricane tonight or tomorrow morning. jonath jonathan serrie with the latest from the ground. >> hi, dagen, even no landfall is hours away, it's already having an impact. isaac has reversed the flow of the mighty mississippi. the river behind me normally would be a muddy brown and right now looking at sort of an ocean green because there is literally water from the gulf of mexico washing upstream. the water level has risen about four feet here just this morning on the mississippi river. because of the potentially dangerous conditions navigating this stretch of the river, the barges are avoiding this portion of the mississippi and that of course has a huge impact on commerce. listen. >> the river's been totally
closed since monday morning, a huge consequence, because for every single day the mississippi river is closed here at new orleans, the detrimental impact to the united states is 300 million dollars a day and that number grows exponentially after the fourth day due to the law of supply and demand. >> meanwhile, on land, we're noticing national guards troops around sensitive buildings. these ones you see are protecting the convention center in downtown new orleans and people have been told to either leave town or shelter in place in their homes. but, unlike what happened during hurricane katrina, the city is not going to be opening the super dome or the convention center or other places, so-call so-called refuges of last resort. most people are choosing to hunker down in their own homes and confident of the nearly 15 billion dollar that were put into improving the levee system,
protecting new orleans, will hold fast in this storm and keep everyone safe. dagen, back to you. dagen: jonathan, thank you so much for the reporting. jonathan in new orleans. and with more on isaac, join me now is joe bastardi, chief mlgs at weather.com, angry that the storm has not been upgraded to a hurricane. >> well, i don't know, if angry is the word. dagen: come on, go with me, how about fired up, joe? >> well, you know, you know i was fired up when i was talking to your producer a little while ago. all the private meteorologists i've talked to in the business this morning, we can't understand what's going on in that there seems to be a line drawn in the sand here. there are a hundred mile per hour flight level winds and normally what they do, 90% conversion ratio down to the surface. this storm's barometric pressure, we've never seen in
the gulf of mexico in the month of august and not even close, i looked and looked and looked and maybe someone could find one, i couldn't find one through the years. the problem you have when you have the flight level winds and a storm comes in, as the storm gets closer to the coast, the frictional effects will get closer to the storm and flight level winds come down to the surface. what you're dealing with now is a storm that can produce 90 to 100 mile per hour winds and in addition the storm is probably going to be off shore until tomorrow morning, so it still has time to intensify. the positive news for new orleans, there's some positive news, the track may be shifting further west and i told my clients this morning, this may be 30, 40 miles west, the negative news the east to southeast wind keeps piling water back to lake pontchartrain, and the problem is that the angle of attack of the form is different from
katrina, went off to the east, it's certainly not as strong as katrina, but is going to intensify and close to 20 inches of rain in that area. remember, the big problem with the levees in katrina, we had barges break loose and crack through the levees, and whether we get enough water into pontchartrain to top the levees, i can't tell. i think a 12 foot storm surge back there, comparable to katrina. the levees if they've done their job they'll hold. the siege is heavy rains up to 20 inches of rain, and that didn't happen with katrina of the katrina came by pretty quickly and rain amounts were less, so there are differences, by the way, the business aspect. this is going to be crawling right through the louisiana oil patch for a couple of days, and instead of taking off to the northeast, the wind's going to continue out of the south and southwest into the louisiana coast and that backing up into the mississippi river may not turn around anytime soon for the
next, three, four days. dagen: joe, good to see you, not angry, but fired up as always. that's why we love you. thank you, sir, joe bastardi, so far tropical storm isaac. at quarter till the hour, and every 15 minutes lauren is checking out movers for us, lauren? >> this feels exactly like yesterday. we had the overall market flat, but lots of companies stepping out and hitting their highs this year. and here are some of them. movado is up and pvh, the owner of tommy hilfiger and calvin klein. both of those companies raising their news the second or third time and heinz also a new high. also want to point out the airline stocks today. many of them canceling flights into the gulf region, waiving fees to do so. the dow transports are down by 13 1/2 points right new and many of the airlines, in fact, almost the entire sector are showing
pretty steep red arrows today. thank you. >> thank you so much, lauren. so if you visited google's home page today, it may have looked a little different. see that right there? take a look at it. that's those tiny ads that google placed on its home page for its nexus, new nexus 7 tablet. google advertising for one of its own products, may not sound like a big deal, but the first time ever that google promoted a product on the home page of the website. it costs 200 bucks on sale in the u.s. and several other countries and android devices, samsung some of them makes and apple pulled off the market. and check on what isaac is doing to the commodities market and the president on the campaign trail during the republican national convention, it used to be off limits. not anymore. first some of the winners today on the nasdaq.
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from an indiana refinery, stations including illinois, indiana and wisconsin, in all bp fielded about 19,000 inquiries, about the contaminated gas last week. shares of bp trading just slightly lower today. but, you get bad gas, no pun intended and put it in my car, i'm mad about it, making me angry and isaac forcing 78% of production in the gulf of mexico to shut down. sandra smith has a look at oil in today's trade. hey, sandra. >> hey, dagen, we're definitely tracking the the movement in the energy market itself. obviously, here is oil on the interday basis, really volatile as everybody tries to figure out how much oil production will actually be shut down in the gulf of mexico. we have a lot of the companies that are removing some of their workers from the off shore platforms and halting production, some haven't and they're monitoring the situation, as at that happens, you can see, it's just been a volatile day and a volatile week for the oil prices as they offer right around $96 a barrel and
natural gas production is also being affected by all this. and as you can see, it's unchanged right now. and on an intraday basis, it, too, extremely volatile. well off the highs and the lows of the session and pretty much unchanged right now. so, we're sort of in a wait and see when it comes to the energy market and the wholesale gasoline prices are actually down today. despite the threat of production being cut. here is the reaction in some of the stocks, bp, obviously, has a the lot of operations down there in the gulf of mexico and i'll put up a one month charge to give you an idea what the stocks have been doing. bp as we know, has evacuated workers and shut down output and production and royal dutch/shell, they've evacuated their platform in the gulf and chevron, obviously, big facilities there and they've removed their workers from off shore, and apache and endarko more gas related stocks and exxon, the largest out there. exxon is monitoring a lot of
their platforms and haven't actually announced what they're going to do as far as shutting production, dagen. obviously, this is still an ongoing situation for all of these companies and the commodities themselves. >> thanks, sandra for that. great to see you this morning. >> i know, we had a good old time. >> i'll be back thursday. >> and with connell. >> yes. >> have fun with that. >> and we've got breaking news from the republican national convention, take a live look, well, if they would unblock the camera and people walking in front of us, and that's ann romney doing a podium check at the g.o.p. convention in tampa, she just, this is just a walk through of what is expected tonight, as being one of the most important speeches during the convention. and maybe even the most important. ann romney will be speaking along with governor chris christie this evening, and that around 10 p.m. eastern time. and, but what is important for mitt romney during this convention, is a major focus on what the republicans are doing,
is to personalize mr. romney, to humanize him and tell his personal story, from his wife, from his children, and what don't we know about the man, not the businessman, but the man himself. his church, his family, his devotion, and his personality, frankly, and we'll be watching that, of course, and so much more coming up, and governor chris christie and then president obama is out campaigning today, in iowa, moving on to colorado, we'll be following that for you and of course the latest on isaac. cheryl will talk about the governor of mississippi about the storm and the preparation. questions. when you're caring for a loved one with alzheimer's, not a day goes by that you don't have them. questions about treatment
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isaac targeting the gulf coast for land fall sometime this evening. this is the governor phil bryant has declared a state of emergency and standing by live for a first on fox business interview. >> nothing says new orleans more than half a dumont. the company's vice president talks with us at the shutdown and prepare for a direct threat from isaac. cheryl: home prices on the rise according to the closely watched case schiller report. michele gerard says her firm doesn't rely on it anymore. she will come on to the show and tell us why coming. it is top of the hour. we look at the markets. right now sitting at 13,120 for the dow. lauren simonetti standing by on the floor of the new york stock exchange. you are looking at heinz. >> a new high, 3%. this is a trend we are seeing.
companies doing really well hitting their highest levels we have seen this year but looking at the overall market is completely flat like watching paint dry. yesterday we had the lowest volume for a full trading day in years. that obviously is one of the shameful fact of august at the new york stock exchange but hopefully we will see them move up a little bit with gdp tomorrow and jackson hole friday and swanson and company, the materials sector still weak today. i want to point out the dollar has been down and the euro has been strong but i was talking to gray wolf partner and that was starting to reverse itself. it is not boosted by the stronger euro. let's fill in the green. nasdaq is the out performer.
cheryl: tropical storm isaac now expected to make landfall late today or tomorrow. locals on the golf course brace for the coming impact. jeff flock on the ground, >> this is one of the hell's right along the gulf here. look and all the boards on the windows right there. an interesting thing to show you over here. and a chase tornadoes and hurricanes. no debris comes through your car. kind of like bulletproof and plexiglas. you just drove around in the old car. look at the scene here. we are in the cone of uncertainty here. and along the beach it was sunny
until little bit ago. this prediction for the hurricane, and is still not a hurricane but a tropical storm. the next advisory they are going to upgrade. have not done so yet. this has not gotten itself organized. pushing a large wind field in the gulf. we will be here throughout the day. and in 10:00 local time tonight. >> jeff flock. new orleans institution. cafe dumont open 24-hour except christmas and today. look at these pictures. new orleans has cleared out. thanks for being with us. country is praying for new
orleans. we want to watch again. when do you hope to open again? >> we closed last night. we cleaned up and send everybody home. we hope to open thursday morning. we get back to what we do every day. >> with the bigger risk of doing without business were worrying about fiscal damage. >> the biggest worry -- and the thing to prepare is we gave employees the chance to go home. and -- from our perspective, a
few windows and other buildings we alone, we have been to katrina. this is just another test. it is encouraging to hear it is a tropical storm. and the city government, to evacuate in place. repair homes and stay in your home until the wind event and rain event passes. the biggest problem is storm surge. when the rain starts raining in new orleans has the system comes in to the city, high water coming into the gulf of mexico, you did test the army corps of
engineers recently two years ago, it is further along right now. is it a big worry? we will find out. >> looking at pictures of the storm's pass. it is hitting squarely in the middle of that projected movement isaac will make. it will be a category 1. still serious just far less strong than katrina was. in addition to isaac being a less strong storm do you think new orleans is in better shape than katrina? >> definitely. even if it were a storm as severe as katrina new orleans is better prepared than we were back in 2005. had it not been for a break in
the levee system new orleans on tuesday after katrina would have been and normal day. back into town. the failure of the levee system, that did not happen. now here we are seven years later. the army corps of engineers spends $10 billion on the levee system to protect the city of new orleans. we have one of the largest capacitys in the world right now. is right now is a snow day if you will. we knew it was coming. everybody is at home. everybody went to make sure it is stocked up and fill their car with gas in case they need to leave town. it is a snow day. we will come back thursday morning and it is going to be a
great day. >> best of luck to you. back in down the hatches for isaac. appreciate you being with us today. cheryl: president obama speaking out this morning on the latest information on tropical storm isaac. the president warning local and the gulf to listen to their local officials and not take warnings lately. >> we are dealing with a big storm and there could be significant flooding and other damage across a large area. and it is not the time -- you need to take this seriously. >> the imminent arrival on shore. o'brien joins me in a first on fox business interview. welcome to you. [talking over each other] cheryl: have you started mandatory evacuation this or
just advising mississippi residents. >> in two counties in hancock and jackson county which have the authority for mandatory evacuation in low-lying areas as part of the problem. you have exactly that. we are talking eight to 12 inches of rain on top of 10 to 12 feet of surgeon. you have four feet, you have 16 feet of surge backing the tributaries, creeks, real problems with flooding as we have last time and rain on top of that. 80 or 90 or 100 mile an hour winds. it is headed our way.
cheryl: you activated 1500 troops earlier. looking for more assistance as the storm heads right for deer state? >> 1500 guards. we could go up to 3,000 if necessary. i talked to governors of surrounding states particularly governors of florida and texas. anything we need to make sure the quadra and gets hit on mississippi gulf coast where the wind and the most damage is going to be. resources available now for the mississippi national guard, we got up to 80 mississippi highway patrol. search and rescue. and utility workers standing by, and air force base, water, we feel as if we are prepared for a storm that could be a category 2. it is category 1 now and could
move to category 1, we always step up to a tattoo that have resources available to take this form under the current circumstances. cheryl: many viewers know that many of these category 1 storms can be just as deadly. history has shown that. here we are the exact week seven years tomorrow to the day the anniversary of hurricane katrina. do you feel you and your states are more prepared after what you have been through over the last several years? >> absolutely. unfortunately we are experts at this. the director was here during katrina. we are as prepared as humanly possible. we know how to move in and leaned forward into these forms and to move resources and personnel forward. we have asked people particularly in low-lying areas to evacuate. i am standing on beach boulevard highway 9.
you see -- cheryl: looks like we are losing this shot. no surprise to any of our viewers at home that conditions continue to deteriorate along the gulf coast. we hope we will be checking in with correspondent jeff flock on the ground. we want to thank the governor of mississippi. a very busy day for him. the timing of this for katrina is -- we remember very well doing that coverage seven years ago. >> mitt romney arrives in tampa for the republican national convention. the governor of wyoming is there as well and his state hosting a big fed meeting this week in jackson hole. we will ask the governor whether he like romney things it is time for a new fed chief. cheryl: getting key economic data today. the case schiller report showing that the housing market may finally be on the road to recovery. our next guest says not so fast. you need to look at these numbers more carefully. we will talk to michele gerard. as we do every day at this time
work force. 1700 -- rallying for the overall market. we look back at 2001, it moved in lockstep more than two thirds of the time. lately we are not seeing that. that means one or two things. the housing market will get better or the stock market will get worse. looks like today it is off by just a hair. cheryl: breaking news into fox business right now. alabama's governor has just lifted mandatory evacuation orders as isaac is approaching the golf course. he ordered presidents of low-lying coastal areas and flood prone areas in mobile and baldwin county to evacuate yesterday but the governor just announcing today he was revising that order due to the national hurricane center lifting the hurricane warning for the alabama coast. we have the governor in
mississippi severe is not ready to make that move just yet. gulf coast residents are scrambling to prepare for isaac's are rival including fueling up. gas prices in the region of. $0.30 a gallon from last month as refineries continue to shut down. phil flynn of price futures and a fox business contributor watching oil and gas, to you first. what do you want to cover first? oil when natural-gas? >> oil right now believe it or not is higher at a time when a lot of the forecasts downgrade the impact of the storm. the exact opposite of yesterday. when the forecast is a terrible storm oil prices go down. and inverse reaction. let's look at our futures right now. that will be most important to people on the ground. we are seeing the futures down a gallon on the futures but when it is more significant if you look at the gulf coast cash market they have come down
pretty dramatically. after yesterday rallying $0.32 a gallon they are down almost $0.17 to $0.18 a gallon. cooler heads are prevailing on the gulf coast. chicago too is seeing a big drop. chicago's drop is more than the gulf coast. they had issues with pipeline and fires in their big refineries. gulf coast down $0.70 and chicago down 30. a lot of volatility in the gasoline market right now. still watching cash markets on gasoline on the gulf coast. cheryl: i want to ask about the moving day average of oil. are we cut out for a pop to the upside or downside? >> i don't think we are. this market has been consolidating and waiting for an excuse to move one way or the other. i don't know who will be the storm that will be the catalyst for fed policy that will be the catalyst but this market is getting ready to move.
i will say this. i think oil prices have been rather muted considering the forecasts we have had on the storm. i do think traders right now may be underestimating the risk. we know the storm is weaker because it flooded the coast of florida and given some of that energy but a category 1 could do significant damage and plug those refineries. we are not out of the woods yet. cheryl: see you soon. >> governor romney a riding in tampa for his moment that the republican convention and he says it is time for a new fed chief. the governor of wyoming feels the same way. cheryl: world's currencies are faring against the u.s. greenback. quiet week in europe right now. the euro rising on that up 25 versus the dollar. we will be right back. ♪
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>> reconnaissance data from the national hurricane center says isaac finally achieved hurricane status winds at 75 miles per hour. more on that. now to hurricane 1 category status. >> i am juliet's heady with your fox news minute. isaac a tropical storm, now i hurricane. he is expected to be a hurricane before hitting shore sometime tonight bu it happened little quicker. southeast louisiana in that
area. storm surge and heavy rain, moving at 10 miles an hour and less than 165 miles from new orleans on the eve of the seventh anniversary of hurricane katrina. could bring some relief to the job stricken state. not only a deluge of rain expected from the storm when it does make landfall but the national weather service is predicting rain for eastern arkansas, se missouri and the dry southern illinois. speaking of illinois governor pat quinn has rejected a plan to expand gambling in his state. he vetoed a bill calling for a land-based gambling hall along with four more riverboats. he said the bill lacked proper regulatory oversight. lawmakers can vote to override the veto and going to fight over that. that is your fox business minute. dennis: reiterating tropical storm isaac is upgraded to a category 1 hurricane. that is the weakest of the
categories that still damaging and dangerous. mitt romney arriving in tampa to officially take the presidential nomination at the republican convention. he says he will not appoint ben bernanke to a third term. ben bernanke descending on jackson hole, wyoming for their annual conference in wyoming. matt meade joins us from the convention. ben bernanke is in your state this week but mitt romney thinks it is time for a new fed chief. do you agree with your candidate? >> absolutely. it is great to have anybody in wyoming in beautiful jackson hole and we get a lot of tourists this time of year. mitt romney is on track as we look at the issue with jobs and the economy and changes need to be made. governor romney is paying close attention to this and in meetings with m i know he takes change is needed. dennis: some say ben bernanke saved the american economy and the global economy from a real
meltdown. you don't change horses in midstream. his term is early 2014. you figure the economy is fixed by then? >> it will take awhile to fix the economy. you got to look at energy and what we're doing with regard to jobs and the economy. it is strange but not something we want to stay in. we have to take a fresh look and governor romney is prepared to do that. dennis: energy policy, come up with an energy plan for your own state and draw a contrast between europe and the obama administration's view which is cracking back. tell us about that. >> the wrong view. this is an initiative best left to the states. the state of wyoming two years ago came up with hydraulic fracturing rules and the federal government if it is such a big issue why two years late to the table. it is going to create in consistent regulatory scheme that is not good for business. this is an area best left to the
state. states can do it and we have greater motivation of doing it right than the federal government. this is our backyard and we insist on a clean environment in our state. dennis: are people in wyoming interested in new jobs or making sure nothing from dave: 1 can harm their environment? >> we reject the either or. we need a clean environment and we want jobs and the strength energy can bring to the country. the fact is we have a track record in wyoming of doing that and continue to do that. we have 5.3% unemployment but the second largest industry is tourism and that is why people come to wyoming and devil's tower and we have a wonderful environment. dennis: you have been a farmer and the rancher yourself. the damage being done 22 or 23 counties declared disasters. damage being done is permanent damage or nothing in loraine couldn't help? >> we will need a lot of rain and moisture this winter but it
is severe as i talk to rangers out there who say great granddad used to talk about the drought but it is severe and our hearts go out to all across the country who are suffering from this drought and the effect will be higher food prices which is not good for anybody. it is a severe problem in wyoming and many states so we hope for a good moisture. dennis: thank you for being with us. cheryl: you heard the breaking news during this hour of markets. isaac has just been upgraded to hurricane status. a had a -- category 1 with winds of 75 miles an hour. home depot is preparing for an emergency from this storm. this is the emergency response center. we will talk to the man in charge of this response team. dennis: look at today's isn't the winners and losers.
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it makes people sort of pay attention. that is a good thing. we do have a hurricane. the bull's-eye is new orleans. this will be felt all along the gulf coast. this is a massive storm. all along the northern coast, you will feel the effects of this. we also have the risk of tornadoes from new orleans to mobile. they can cause some damage. here is the latest track. we have updated isaac to a hurricane. i want to point your attention to the duration of time that we are dealing with, not only hurricane wind, but we could go through to high tides because of the movement of the storm. wind to 70 miles per hour for
12-18 hours. that will cause some major problems for the coastlines. as they go further out in time, it will move up to the plain states. we have extreme drought there, so it will bring much needed moisture. those are the main concerns here. they have upgraded it to a hurricane. flooding could be a big issue, especially for new orleans where their levees will be tested. dennis: the three things, the 12-foot high storm surge or the high winds -- which one worries you the most? >> the heavy rainfall. the flooding.
that causes more problems per year in terms of death. that freshwater flooding where you will see 12-18 inches of rainfall in a short period of time. the storm surge will be an issue. it will go over top of some of land. that will be a problem, but 12-18-20 inches will cause some very big problems, very quickly. dennis: pray for new orleans. thank you very much, janice. cheryl: isaac now a category one hurricane. it is barreling towards the gulf coast. millions preparing for that storm arrival. including names like home depot. it has a center in atlanta. we are joined by home depot's captain. thank you for being here. we just got our news that we now
have a category one hurricane on our hands. flooding, she mentioned this. how is the supply chain getting down to the gulf states right now? >> we have trucks that we have been pushing into the area for days. we are ready at a moment notice once the zone is clear and tropical storm force wind have moved out of there. cheryl: what exactly are the supplies that you are getting the most demand for? >> with mottled storms like irene, recent tropical storm debby, doing this for many many years, the things people will meet our cleaning supplies, water, flashlights, batteries, generators, those are things we have in the market ready to go. cheryl: do you charge full price for these items or is there some type of program home depot is offering? >> the pricing has been locked
down in the area for quite some time. we offer the items at regular price. there is no price increase during that period of time. you make sure the customers get the best price at the time. cheryl: with irene and there was a real shortage of generators. do you have enough equipment? >> absolutely. based on the modeling i mentioned a minute ago, we have the right amount of things. seeing the storm track developed, we feel we are prepared and have the right amount of product to take care of our customers. cheryl: how'd you decide, at what point, that the home depot needs to shut down their own facility. what is the thinking behind the decision sustained wind.
our associates are part of the community as well. our number one goal is to take care of them and take care of the community when we can reopen the stores. cheryl: you say there's a lot that you will be the last retailer standing. do you at this point when you have a emergency situations, do you have to coordinate with the competition? do you call your colleagues over at walmart or those to make sure whatever area that is hit has enough supply? >> we have our regional president and we make that call with the local authorities. that is a source we used to really understand what the response is in the community. cheryl: emergency response comes in from depot, thank you very much. >> my pleasure. dennis: coming up, we will have much more on the hurricane isaac
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speeds. dennis: romney now in tampa. he has just been joined by his running mate paul ryan. rich edson is in tampa with more >> it is a first date officially here at the republican national convention on what should have been the second day. they gobbled in for a bit yesterday. governor romney is here, congressman paul ryan is here. we are now getting to the part where the headline speakers tonight are going up to the stage, getting a look at how they will address the crowd tonight. romney's wife will be speaking also. they go to the stage and take a look at how they will be speaking this evening. >> the current president believes that the way the
economy grows is that the government. the government is spending money and creating programs and having better speeches, that somehow this will create more jobs and more prosperity. those are all tired ideas. those are ideas of the past and they failed every single time they have been tried in the past and that is why they are failing again. >> 2:00 o'clock this afternoon, that is when we will officially kick this off. there will be about three hours of floor speeches. romney will accept that official nomination on thursday when he is scheduled to speak here in tampa. back to you. dennis: i almost feel bad for the republicans. they don't want to seem to be partying with hurricane isaac and they could lose out on media
coverage. >> you can't act like you are in too much of a celebratory mood when you have disruption going on. you also have things you have to worry about as president, you cannot get too political at this time. dennis: thank you very much, rich edson. cheryl: as we do every 15 minutes, it is time for stocks now with lauren simonetti. you have two computer giant who stocks are heading new lows. lauren: new lows for hewlett-packard and dell. while we have the overall market essentially a buy point, we are seeing these stocks do a little bit more than that, unfortunately, to the downside. pb hc owner of calvin klein, that stock is soaring today. it posted a profit that grew and raised the full year outlook for
the second time this year. the consumer sector is strong. as you can see we have human discretionary up. as well as human staples. cheryl: thank you, lauren. california continues to be shaken by hundreds of tumblers. 4.2 earthquake hit east of san diego. most of monday's travelers were under a magnitude 2.5. scientists are puzzled as to what is causing this. no deaths or serious injuries have been reported here to marissa mayer is trying to raise employee spirits. 12:45 a.m. e-mail she announced the program called pb and j.
making waves to make them happier, free food and making parking easier. the los angeles lakers are going to unveil a statue featuring kareem abdul-jabbar. it will be unveiled sometime during the 2013 season outside the staples center. he is still the nba all-time leading scorer. he won five of the six titles with the lakers. dennis: that is a statue that will truly be larger than life. we have the latest on hurricane isaac and lance armstrong. despite the controversy around him, corporate support remains strong. cheryl: bed bath and beyond, google -- take a look at them. ♪ [ male announcer ] let's level the playing field.
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about 4 feet since we have been here this morning. that is from the storm surge well ahead of hurricane isaac out there in the gulf. you will also notice in the water is a turquoise greenish color, something you would expect out in the gulf of mexico, not in the normally muddy brown waters of the mississippi. that is because the storm surge has reversed the flow of the mississippi. now there is blockage water going what would normally be upstream of the mississippi. that, of course, has a potentially huge impact on commerce. listen. >> the river has been totally closed since 9:00 a.m. monday morning central time. that is a huge consequence.
the detrimental economic impact to the united states is $300 million a day. that number grows exponentially after the fourth day. reporter: meanwhile on land, the national guard is out for four's to protect sensitive parts of new orleans. people have been told either to leave town or prepared a shelter in place of their homes. unlike what the city of new orleans did during katrina where they opened up refuges. there are no plans to do that this time. it appears most people are choosing to hunker down in their homes. judging from the empty store shelves, people really are taking precautions. cheryl.
cheryl: jonathan, thank you very much. dennis: dow jones reporting that espn's has reached an eight year deal with major league baseball to televise baseball. in the rich world of product endorsements, cheat on your wife and you can lose millions, get accused of cheating in your sport, that you can survive. at least that is the case so far with lance armstrong. some of the biggest brands in the world are standing by their man. in contrast to tiger woods who lost at&t and other big accounts. they banned armstrong from the sport and stripped them of all titles on allegations that he
used performance enhancing drugs. cheryl: because of the refinery closures meaning they are not buying as much oil to come through and refined into gasoline. oil prices fell yesterday and that are popping today of about three quarters of a percent. still in that "wait and see" mode. the trade yesterday was popping
gasoline futures. today that trade unwinding. prices are actually down about 1.5%. natural gas, also a big mover. it is down about 8% tiered here is a real quick update. we are watching a lot of these stocks related to the storm. temporarily shutting down output did also watching shall. it is an ongoing situation. those refinery closures definitely affecting that. cheryl: and moments, about four minutes from now, we will be getting an update from the hurricane advisories. dennis: isaac's impact on oil prices. keep it here on fox fox business. ♪